Make in India: Foxconn to invest $5 billion in Maharashtra

According to the Memorandum of Understanding (MOU) between the Taiwanese Electronics firm Foxconn and the Maharashtra Government, Foxconn will invest about $5 billion over the next five years in the Western State of Maharashtra, to build a manufacturing facility in the state.

Accordingly, a Memorandum of Understanding has been signed between the Maharashtra Chief Minister Devendra Fadnavis and Terry Gou, the founder of Foxconn limited in Mumbai on Saturday. The deal clearly indicates the intentions of the Foxconn to establish it’s manufacturing units in India.

Foxconn, the contract manufacturer of the Apple’s iphones and ipads is looking forward in making India as it’s second biggest manufacturing plant after China, In July, the company said in a statement that it will establish as many as a dozen manufacturing plants in India to cater it’s needs. This also facilitates for the employment of 1million workers in the manufacturing plants.

Experts claim that the Foxconn’s move to establish manufacturing units in India was to fight the worker’s wage strikes back in China, where it is the largest private sector employer.

The deal apart from providing strength to Maharashtra’s economy, also boosts the Prime Minister Narendra Modi’s Campaign of “Make in India” – which aims at making India the manufacturing hub, the Economic Times reports.